The firm says it will use the new funding to increase the number of engineering staff it employs, and also expand its marketing schemes in order to try and attract new users.

Once installed FreePriceAlerts automatically notifies users of potential savings while they’re scouring the web. If you’re hovering over the ‘buy’ button on Amazon, the service will instantly tell you if there’s a better price elsewhere.

At present, FreePriceAlerts says it is creating more than a million notifications each month, equal to more than $250,000 in savings each day. That’s an awful lot of money to keep from some of the behemoth online retailers.

Nick Summers is a technology journalist for The Next Web. He writes on all sorts of topics, although he has a passion for gadgets, apps and video games in particular. You can reach him on Twitter, circle him on Google+ and connect with him on LinkedIn.